Stifel Maintains Lucid’s ‘Hold’ Rating
Stifel analyst Stephen Gengaro reiterated on July 17, 2025, a ‘Hold’ rating and $3.00 price target on Lucid.
“Lucid Announces Partnership with Uber and Nuro for Robotaxis
Lucid announced a major partnership seeking to develop a robotaxi offering alongside Uber (UBER: $90.58, Buy – covered by Stifel Analyst Mark Kelley) and Nuro (a U.S.-based self-driving developer).
The partnership will utilize Lucid’s, in our opinion, industry-leading EV architecture to develop robotaxis, leveraging Nuro’s Nuro Driver Level 4 self-driving capabilities and Uber’s vast global network and expertise in fleet management.
The company expects to deploy its first autonomous vehicle by late next year, with the partnership aiming to scale its fleet of self-driving-enabled Lucid vehicles to at least 20,000 over the next six years. Uber or its network of third-party f leet operators will directly own and operate the vehicles.
We view Lucid’s entry into the rapidly evolving robotaxi space as a positive that could yield material long-term value for the company.
Uber to Purchase $300 Million Worth of LCID Shares
In connection with its robotaxi partnership, Uber has agreed to purchase $300 million worth of Lucid common shares through a private placement, accompanied by an investment in Nuro (amount undisclosed).
Additionally, Lucid’s Board approved a 1:10 reverse stock split, pending shareholder approval.
We view Uber’s investment in Lucid as a positive data point supporting its commitment to deploying at least 20,000 Lucid autonomous vehicles over the next six years.
Read Throughs for Tesla
Competition in the autonomous driving market remains dynamic, with several companies leveraging different software and hardware architectures for their self-driving offerings.
Specifically, Nuro utilizes a combination of cameras, lidar, radar, and various other sensors for its autonomous driving solution, supported by its AI-powered software stack (which is similar to the approach taken by Waymo).
This compares to Tesla, which relies solely on cameras and AI for its Full-Self-Driving (FSD) offering.
While autonomous driving technologies remain in the “prove-it-to-me” stage, we believe Tesla’s ability to leverage a large amount of driving data from its existing fleet of vehicles on the road remains a key competitive edge for the company.
In addition, we believe the presence of more self-driving vehicles boosts the overall market and customers’ comfort level, which bodes well for Tesla and its peers.”
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